Slapped by the Invisible Hand PDF Download
Are you looking for read ebook online? Search for your book and save it on your Kindle device, PC, phones or tablets. Download Slapped by the Invisible Hand PDF full book. Access full book title Slapped by the Invisible Hand by Gary B. Gorton. Download full books in PDF and EPUB format.
Author: Gary B. Gorton
Publisher: Oxford University Press
ISBN: 0199742111
Category : Business & Economics
Languages : en
Pages : 232
Get Book Here
Book Description
Originally written for a conference of the Federal Reserve, Gary Gorton's "The Panic of 2007" garnered enormous attention and is considered by many to be the most convincing take on the recent economic meltdown. Now, in Slapped by the Invisible Hand, Gorton builds upon this seminal work, explaining how the securitized-banking system, the nexus of financial markets and instruments unknown to most people, stands at the heart of the financial crisis. Gorton shows that the Panic of 2007 was not so different from the Panics of 1907 or of 1893, except that, in 2007, most people had never heard of the markets that were involved, didn't know how they worked, or what their purposes were. Terms like subprime mortgage, asset-backed commercial paper conduit, structured investment vehicle, credit derivative, securitization, or repo market were meaningless. In this superb volume, Gorton makes all of this crystal clear. He shows that the securitized banking system is, in fact, a real banking system, allowing institutional investors and firms to make enormous, short-term deposits. But as any banking system, it was vulnerable to a panic. Indeed the events starting in August 2007 can best be understood not as a retail panic involving individuals, but as a wholesale panic involving institutions, where large financial firms "ran" on other financial firms, making the system insolvent. An authority on banking panics, Gorton is the ideal person to explain the financial calamity of 2007. Indeed, as the crisis unfolded, he was working inside an institution that played a central role in the collapse. Thus, this book presents the unparalleled and invaluable perspective of a top scholar who was also a key insider.
Author: Gary B. Gorton
Publisher: Oxford University Press
ISBN: 0199742111
Category : Business & Economics
Languages : en
Pages : 232
Get Book Here
Book Description
Originally written for a conference of the Federal Reserve, Gary Gorton's "The Panic of 2007" garnered enormous attention and is considered by many to be the most convincing take on the recent economic meltdown. Now, in Slapped by the Invisible Hand, Gorton builds upon this seminal work, explaining how the securitized-banking system, the nexus of financial markets and instruments unknown to most people, stands at the heart of the financial crisis. Gorton shows that the Panic of 2007 was not so different from the Panics of 1907 or of 1893, except that, in 2007, most people had never heard of the markets that were involved, didn't know how they worked, or what their purposes were. Terms like subprime mortgage, asset-backed commercial paper conduit, structured investment vehicle, credit derivative, securitization, or repo market were meaningless. In this superb volume, Gorton makes all of this crystal clear. He shows that the securitized banking system is, in fact, a real banking system, allowing institutional investors and firms to make enormous, short-term deposits. But as any banking system, it was vulnerable to a panic. Indeed the events starting in August 2007 can best be understood not as a retail panic involving individuals, but as a wholesale panic involving institutions, where large financial firms "ran" on other financial firms, making the system insolvent. An authority on banking panics, Gorton is the ideal person to explain the financial calamity of 2007. Indeed, as the crisis unfolded, he was working inside an institution that played a central role in the collapse. Thus, this book presents the unparalleled and invaluable perspective of a top scholar who was also a key insider.
Author: Gary B. Gorton
Publisher: Oxford University Press
ISBN: 0199986886
Category : Business & Economics
Languages : en
Pages : 296
Get Book Here
Book Description
Before 2007, economists thought that financial crises would never happen again in the United States, that such upheavals were a thing of the past. Gary B. Gorton, a prominent expert on financial crises, argues that economists fundamentally misunderstand what they are, why they occur, and why there were none in the U.S. from 1934 to 2007. Misunderstanding Financial Crises offers a back-to-basics overview of financial crises, and shows that they are not rare, idiosyncratic events caused by a perfect storm of unconnected factors. Instead, Gorton shows how financial crises are, indeed, inherent to our financial system. Economists, Gorton writes, looked from a certain point of view and missed everything that was important: the evolution of capital markets and the banking system, the existence of new financial instruments, and the size of certain money markets like the sale and repurchase market. Comparing the so-called "Quiet Period" of 1934 to 2007, when there were no systemic crises, to the "Panic of 2007-2008," Gorton ties together key issues like bank debt and liquidity, credit booms and manias, moral hazard, and too-big-too-fail--all to illustrate the true causes of financial collapse. He argues that the successful regulation that prevented crises since 1934 did not adequately keep pace with innovation in the financial sector, due in part to the misunderstandings of economists, who assured regulators that all was well. Gorton also looks forward to offer both a better way for economists to think about markets and a description of the regulation necessary to address the future threat of financial disaster.
Author: H. G. Wells
Publisher: Modernista
ISBN: 9180949290
Category :
Languages : en
Pages : 102
Get Book Here
Book Description
A stranger with a striking appearance arrives in the small village of Bramblehurst on a cold, snowy day. His face is completely covered in bandages, with only a fake nose protruding. The villagers wonder why he is disguised, and when mysterious burglaries begin to occur, they decide to unmask the stranger. What they discover is not just a man trapped by his own creation, but a chilling reflection of the unsolvable secrets deep within human nature. The Invisible Man is a timeless classic that not only entertains and thrills, but also sheds light on questions of human nature and the dangers that arise when the boundaries of science are crossed. It is a captivating and thought-provoking reading experience that has challenged readers for generations to contemplate their own life choices. H. G. WELLS [1866-1946] was a British author and pioneer in the science fiction genre. His works, including The Time Machine and The War of the Worlds, delved into futuristic and societal critique themes. Wells’s visionary portrayals of technology, social structures, and extraterrestrial life made him one of the most influential writers in his field and a precursor to modern science fiction.
Author: Paul J. Thomas
Publisher: Made For Success Publishing
ISBN: 161339781X
Category : Business & Economics
Languages : en
Pages : 217
Get Book Here
Book Description
Never before has anyone packed so much helpful information into one book for the time starved reader. Written by a veteran financial services executive and thought leader, Bite size advice is an indispensable tool for those wanting to increase their political, economic, social and technological literacy. Written in clear and concise language, it demystifies the key issues impacting our day-to-day lives and delivers invaluable advice in bite size chunks. Now you can find out everything you wanted to know about almost everything. WHAT are the pitfalls of over regulation? WHERE is disruptive technology taking us? WHEN does inequality become excessive? WHY is globalisation good for us? HOW is money created? WHO controls the economy? Bite size advice is a business book, an educational book and a general knowledge book. It is for anyone who wants to understand how the world works. Each chapter is faced-paced and provides great conversation starters. Bite size advice is poised to become the go-to resource for young and old alike.
Author: Phil Angelides
Publisher: DIANE Publishing
ISBN: 1437980724
Category : Reference
Languages : en
Pages : 662
Get Book Here
Book Description
The Financial Crisis Inquiry Commission was created to "examine the causes of the current financial and economic crisis in the U.S." In this report, the Commission presents the results of its examination and its conclusions as to the causes of the crisis. More than two years after the worst of the financial crisis, our economy continues to experience the aftershocks. Millions of Americans have lost their jobs and their homes, and the economy is still struggling to rebound. This report is intended to provide a historical accounting of what brought our financial system and economy to a precipice and to help policy makers and the public better understand how this calamity came to be. Charts and tables. This is a print on demand report.
Author: United States. Financial Crisis Inquiry Commission
Publisher: Government Printing Office
ISBN: 9780160877278
Category : Business & Economics
Languages : en
Pages : 668
Get Book Here
Book Description
and the use of credit ratings in the securitization markets; lending practices and securitization, including the originate-to-distribute model for extending credit and transferring risk; affiliations between insured depository institutions and securities, insurance, and other types of nonbanking companies; the concept that certain institutions are 'too-big-to-fail' and its impact on market expectations; corporate governance, including the impact of company conversions from partnerships to corporations; compensation structures; changes in compensation for employees of financial companies, as compared to compensation for others with similar skill sets in the labor market; the legal and regulatory structure of the United States housing market; derivatives and unregulated financial products and practices, including credit default swaps; short-selling; financial institution reliance on numerical models,
Author: Financial Crisis Inquiry Commission
Publisher: Cosimo, Inc.
ISBN: 1616405414
Category : Political Science
Languages : en
Pages : 692
Get Book Here
Book Description
The Financial Crisis Inquiry Report, published by the U.S. Government and the Financial Crisis Inquiry Commission in early 2011, is the official government report on the United States financial collapse and the review of major financial institutions that bankrupted and failed, or would have without help from the government. The commission and the report were implemented after Congress passed an act in 2009 to review and prevent fraudulent activity. The report details, among other things, the periods before, during, and after the crisis, what led up to it, and analyses of subprime mortgage lending, credit expansion and banking policies, the collapse of companies like Fannie Mae and Freddie Mac, and the federal bailouts of Lehman and AIG. It also discusses the aftermath of the fallout and our current state. This report should be of interest to anyone concerned about the financial situation in the U.S. and around the world.THE FINANCIAL CRISIS INQUIRY COMMISSION is an independent, bi-partisan, government-appointed panel of 10 people that was created to "examine the causes, domestic and global, of the current financial and economic crisis in the United States." It was established as part of the Fraud Enforcement and Recovery Act of 2009. The commission consisted of private citizens with expertise in economics and finance, banking, housing, market regulation, and consumer protection. They examined and reported on "the collapse of major financial institutions that failed or would have failed if not for exceptional assistance from the government."News Dissector DANNY SCHECHTER is a journalist, blogger and filmmaker. He has been reporting on economic crises since the 1980's when he was with ABC News. His film In Debt We Trust warned of the economic meltdown in 2006. He has since written three books on the subject including Plunder: Investigating Our Economic Calamity (Cosimo Books, 2008), and The Crime Of Our Time: Why Wall Street Is Not Too Big to Jail (Disinfo Books, 2011), a companion to his latest film Plunder The Crime Of Our Time. He can be reached online at www.newsdissector.com.
Author: Christine Desan
Publisher: OUP Oxford
ISBN: 0191025399
Category : Law
Languages : en
Pages : 534
Get Book Here
Book Description
Money travels the modern world in disguise. It looks like a convention of human exchange - a commodity like gold or a medium like language. But its history reveals that money is a very different matter. It is an institution engineered by political communities to mark and mobilize resources. As societies change the way they create money, they change the market itself - along with the rules that structure it, the politics and ideas that shape it, and the benefits that flow from it. One particularly dramatic transformation in money's design brought capitalism to England. For centuries, the English government monopolized money's creation. The Crown sold people coin for a fee in exchange for silver and gold. 'Commodity money' was a fragile and difficult medium; the first half of the book considers the kinds of exchange and credit it invited, as well as the politics it engendered. Capitalism arrived when the English reinvented money at the end of the 17th century. When it established the Bank of England, the government shared its monopoly over money creation for the first time with private investors, institutionalizing their self-interest as the pump that would produce the money supply. The second half of the book considers the monetary revolution that brought unprecedented possibilities and problems. The invention of circulating public debt, the breakdown of commodity money, the rise of commercial bank currency, and the coalescence of ideological commitments that came to be identified with the Gold Standard - all contributed to the abundant and unstable medium that is modern money. All flowed as well from a collision between the individual incentives and public claims at the heart of the system. The drama had constitutional dimension: money, as its history reveals, is a mode of governance in a material world. That character undermines claims in economics about money's neutrality. The monetary design innovated in England would later spread, producing the global architecture of modern money.
Author: Farhad Rassekh
Publisher: Routledge
ISBN: 1134864590
Category : Business & Economics
Languages : en
Pages : 218
Get Book Here
Book Description
This highly original work offers an intellectual history of four central theories underlying the market economic system, focusing on their conception, evolution, and applications. Four Central Theories of the Market Economy traces the root of the theories, their conception and articulation, as well as their evolutions to the present time. It focuses on the four theories that are generally recognized as fundamental to the discipline of economics: the invisible hand, comparative advantage, the law of markets, and the quantity theory of money. These theories have profoundly influenced the world. Chapters explore their rich intellectual history from classical Greece to today, drawing on the original works of the great economic minds of the classical era and other thinkers who prepared the path for them, as well as those who refined their works or challenged them. This volume will leave the reader with a deep understanding of these pillars of the market economic system in the context of their historical development. This book will be of great interest to all scholars and students of economics who are interested in the intellectual history of their discipline as well as scholars and students of intellectual history who are interested in economics.
Author: Isabel Wilkerson
Publisher: Vintage
ISBN: 0679763880
Category : History
Languages : en
Pages : 642
Get Book Here
Book Description
NEW YORK TIMES BESTSELLER • NATIONAL BOOK CRITICS CIRCLE AWARD WINNER • TIME’S TEN BEST NONFICTION BOOKS OF THE DECADE • ONE OF THE NEW YORK TIMES’S FIVE BEST BOOKS OF THE 21ST CENTURY “A brilliant and stirring epic . . . Ms. Wilkerson does for the Great Migration what John Steinbeck did for the Okies in his fiction masterpiece, The Grapes of Wrath; she humanizes history, giving it emotional and psychological depth.”—John Stauffer, The Wall Street Journal “What she’s done with these oral histories is stow memory in amber.”—Lynell George, Los Angeles Times WINNER: The Mark Lynton History Prize • The Anisfield-Wolf Award for Nonfiction • The Chicago Tribune Heartland Prize • The Hurston-Wright Award for Nonfiction • The Hillman Prize for Book Journalism • NAACP Image Award for Best Literary Debut • Stephen Ambrose Oral History Prize FINALIST: The PEN/John Kenneth Galbraith Award for Nonfiction • Dayton Literary Peace Prize ONE OF THE TEN BEST BOOKS OF THE YEAR: The New York Times • USA Today • Publishers Weekly • O: The Oprah Magazine • Salon • Newsday • The Daily Beast ONE OF THE BEST BOOKS OF THE YEAR: The New Yorker • The Washington Post • The Economist •Boston Globe • San Francisco Chronicle • Chicago Tribune • Entertainment Weekly • Philadelphia Inquirer • The Guardian • The Seattle Times • St. Louis Post-Dispatch • The Christian Science Monitor In this beautifully written masterwork, Pulitzer Prize–winning author Isabel Wilkerson presents a definitive and dramatic account of one of the great untold stories of American history: the Great Migration of six million Black citizens who fled the South for the North and West in search of a better life, from World War I to 1970. Wilkerson tells this interwoven story through the lives of three unforgettable protagonists: Ida Mae Gladney, a sharecropper’s wife, who in 1937 fled Mississippi for Chicago; sharp and quick-tempered George Starling, who in 1945 fled Florida for Harlem, and Robert Foster, a surgeon who left Louisiana in 1953 in hopes of making it in California. Wilkerson brilliantly captures their first treacherous cross-country journeys by car and train and their new lives in colonies in the New World. The Warmth of Other Suns is a bold, remarkable, and riveting work, a superb account of an “unrecognized immigration” within our own land. Through the breadth of its narrative, the beauty of the writing, the depth of its research, and the fullness of the people and lives portrayed herein, this book is a modern classic.
